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Zimbabwe central bank says it has assets worth 2.5 tons of gold | Voice of America 4/4/24, 5 APRIL

 Zimbabwe central bank says it has assets worth 2.5 tons of gold | Voice of America 4/4/24

On the eve of the anticipated rollout of a new gold-backed currency, Zimbabwe's central bank announced Thursday that it has the equivalent of 2.5 tons of gold reserves.

Speaking in Harare after seeing the assets of the Reserve Bank of Zimbabwe, John Mushayakarara, the new bank’s governor, told President Emmerson Mnangagwa – whom he addressed as H.E., for his excellency – that the bank’s balance sheet was healthy, with reserves of gold and other minerals worth $175 million.

“I have taken over the control of the central bank," Mushayakarara said, "and one of the things I had to do upon taking over was to verify the assets that the central bank holds. And this morning I showed H.E. the gold that is in the vaults, and I can confirm that we have in the vaults at the central bank 1.1 tons of gold.

"We also have other minerals – diamonds and so forth. If converted to gold, [they would] be equal to 0.4 ton of gold. We have other gold which is held offshore. It is worth 1 ton of gold.”

On Friday, Mushayakarara is expected to announce the introduction of a gold-backed currency to replace the worthless local dollar, which is currently trading at around 30,000 to one U.S. dollar and, unlike the South African rand, does not circulate in neighboring countries.

This was the first time in recent memory that the central bank gave an accounting of its gold and mineral assets. Mnangagwa said he was happy to physically see the assets that outgoing Reserve Bank of Zimbabwe Governor John Mangudya handed over to Mushayakarara.

Responding to a question from journalists about whether the country had enough gold to back its anticipated new currency, Mnangagwa said, “Let me assure you that my government does not work on rumors. We work on facts. Rumors can continue flying, but you have been able to come here and see facts for yourselves. So you should compare the facts you see today and the rumors you hear in the streets.”

The press conference generated much debate on social media, with some saying the country’s gold reserves were being looted. One businessman allied with the ruling Zanu-PF party, Pedzisayi Sakupwanya, said he delivered 13 tons of gold to the central bank last year.

Zimbabwe has introduced and abandoned at least five currencies since independence in 1980, all of which lost value to become almost worthless. It remains to be seen how well the new gold-backed currency is accepted by the public, and how it trades against the dollar and the South African rand.

 https://www.voanews.com/a/zimbabwe-central-bank-says-it-has-2-5-tons-of-gold-reserves/7557328.html

"THE EFFICIENCY OF THE IRAQI BANKING SECTOR" BY GOLDILOCKS, 5 APRIL

 GOLDILOCKS

Research at the Central Bank of Iraq revealed a decrease in the ratio of non-performing loans to total credit.

The Department of Statistics and Research said that the ratio of non-performing loans to total cash credit witnessed a decline, reaching (6.3%) during the year 2023, compared to (7.2%) in 2022, while in 2021 it recorded (8.8%) and in 2020.

It reached (8.9%), and the department added that the ratio of non-performing loans to total deposits for the year 2023 recorded a rate of (3.2%) compared to the last three years, as it was recorded in 2022 (3.4%), while in 2021 it reached (4.9%) while It was (5.2%) in 2020.

The Central Bank of Iraq confirms that this percentage is an indicator of the efficiency of the Iraqi banking sector in its endeavor to develop its products and adopt new methods and advanced systems for granting credit and reducing the risks of default in accordance with the contexts followed globally.

 

Central Bank of Iraq

information Office

4/3/2024

https://cbi.iq/news/view/2542

"RV UPDATE" BY MILITIAMAN, 5 APRIL

 MILITIAMAN

Sat. 30 March Militia Man: “Two parties have confirmed that Iraq is currently RVing in-country on  Sat. 30 March.” Ginger: “We’re hearing that the revaluation of the rate is currently underway inside the border of Iraq.

 The Parliament committee has instructed Iraqi merchants and retailers to adjust their prices of goods and services to reflect the changes of their new rate for the Iraqi Dinar and effective Sat. 30 March.”

Coffee with MarkZ, joined by Dr. Scott Young. 04/05/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Coffee with MarkZ, joined by Dr. Scott Young. 04/05/2024

Member: Good morning Roller Coaster Friends -- Who has their arms up?

Member: Another week has just flown by……with nothing happening. 

Member: Praying this is the weekend we have been waiting for. –Any RV news Mark?

MZ: I’m with you about this weekend. Either way I feel doggone good about April. 

MZ: I am getting a lot of chatter from the bond side. I heard that its taking the bond side longer than they thought to wrap up the paperwork ect….I don’t know if that has any effect on our timing. 

MZ: A lot of people have been told its coming- It’s coming for so long that they don’t jump anymore when told its time for things……..now suddenly it appears its time for things – so a bit of scrambling going on. 

Member: The boy who cried wolf…did it so many times that no one believed him anymore…..until it was real and too late. 

Member: Better to be prepared for something that doesn’t happen then to not be prepared when it does

MZ: “Fiscal Collapse Accelerates”  This is a great article. We are quickly running over the fiscal cliff. 

MZ: “City officials say to get cash now as ATM’s could go down during the eclipse”  I’ve heard from many people they tried to get cash from ATM’s and they are empty. It’s a concern for a couple of days. 

Member: Some states are having a State of Emergency because of the eclipse. I think the Eclipse can be the event we're waiting for to exchange.

Member: Are redemption center folks working this weekend?

Member: Anything on Groups in Reno?

Member: Did anyone get fines and Penalties paid? 

Member: Any news on CMKX or Prosperity Packages?

Member: Any news from Iraq….are they still expecting the RV at any time?

Member: Ramadan ends on Mon. The same day as the solar eclipse – and then eid El Fidr starts for a few days……maybe that’s our RV timing – as soon as Ramadan ends?

Member: Will Regions bank be participating in exchanges?

MZ: I have heard they will be participating…..They may have partnered with a tier 1 bank just for this. 

Member: Good morning MarkZ. Can you do a simply recap of what Sheila shared from your understanding? It was so difficult to understand.

Member: What did Sheila say about the Bolivar last night ?

Member: I heard her say it will increase in value over time. 

Member:  Happy birthday to those celebrating and prayers for those in need

Thanks Mark, Mods and Dr. Scott. Everyone have a great day. 

Dr. Scott and CBD Gurus join the stream today. Please listen to the replay for their information and opinions. 

Iraqi Dinar update for 04/04/24 - Closer than ever before - stronger dinar BY PIMPY

"IMPORTANT IRAQ NEWS:IN DETAIL.. THE PROBLEMS OF THE OIL FILE BETWEEN BAGHDAD AND ERBIL – URGENT" BY MNT GOAT, 5 APRIL

IN DETAIL.. THE PROBLEMS OF THE OIL FILE BETWEEN BAGHDAD AND ERBIL – URGENT

Baghdad Today – Sulaymaniyah

On Wednesday (March 27, 2024), oil expert and advisor for energy affairs at the Patriotic Union of Kurdistan (PUK), Bahjat Ahmed, pointed out the most important problems of the oil file between Baghdad and Erbil.

Ahmed said in an interview with “Baghdad Today” that “the lack of transparency in oil revenues and the high cost ratio at the expense of the region’s profit, led to the inability to cover the budget, with the failure to establish an institution to manage the oil file and not allow the establishment of the oil industry, and the allocation of all oil produced for foreign export, is one of the problems.”

He added, “The legal conditions included in the region’s contracts with oil companies in favor of the Kurdistan government, must be implemented, and the public oil companies listed in the oil and gas law for Kurdistan must be established, and also the absence of a condition in the region’s contracts about setting a ceiling for oil production has allowed companies to pressure oil fields for the purpose of producing the largest possible quantity in the shortest time, and this caused damage to the majority of fields.”

He explained that “there is the publication of fake information about oil reserves in the region, so that oil companies benefit from that information for the purpose of raising the price of their shares on the global stock exchange without Kurdistan benefiting from it one dollar.”

“From 2013 until the cessation of oil exports last year, companies produced one billion and 600 million barrels of oil in all oil fields in the region, and these companies invested about 12 to 14 billion dollars,” he said.

In a sharp statement issued on Monday, the Ministry of Oil of the federal government in Baghdad blamed foreign companies operating in the oil sector in Kurdistan for the suspension of exports through the Iraqi-Turkish pipeline since last March.

Abikour, a consortium of 8 companies operating in the oil sector in Kurdistan that exports 50 percent of its oil to Turkey, claimed in its statement that the Iraqi government has not taken significant steps to open the Iraqi-Turkish oil pipeline and resume the export of oil to the Kurdistan region, despite Turkey’s announcement in October 2023 that the line is ready.

Kurdistan used to export 450,000 barrels per day to Turkey to secure the salaries of its employees and financial revenues, due to the absence of an oil and gas law regulating the management of oil wealth in Iraq. However, the region’s export of oil without reference to the federal government, and without its commitment to pay 250,000 barrels to Baghdad in accordance with the federal budget law, caused deep problems between the two sides, whose catastrophic repercussions were reflected in the standard of living of the region’s residents after the federal government failed to pay the salaries of its employees since 2015, until the region fulfilled its financial obligations to Baghdad.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/